BonaPeople: Nkosini Magwaza

SALGA KZN in partnership with CIGFARO KZN and Provincial KZN COGTA hosted a 2 Day Virtual Financial Year-End Procedures and Audit Management Training.

On Thursday 10 June 2021,our Senior Manager Mr. Nkosini Magwaza CA(SA) shared his expertise on Annual Financial Statements (AFS) overview. The presentation was well received.

His presentation was on the general purpose of the financial statements where he started by unpacking the legal framework like MFMA and the Accounting Reporting Framework which is the Generally Recognised Accounting Practice (GRAP), that the AFS must comply with. He highlighted the importance of ensuring that the underlying records that support the financial statements are accurate and complete (including proper reconciliations of the subledgers to the general ledger and the AFS).

He further unpacked the role of the internal auditor where the internal audit must play a significant role in ensuring that the financial reporting discipline is instilled and assist with the improved audit outcomes. Internal auditors are expected to do more than just presentation and disclosure checks, an in depth review of the numbers reflected in the AFS is the key to assist with the elimination of material misstatements prior to the finalization of the AFS.